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Jeddah - Yasmine El Tohamy - Global investors holding billions of dollars are slowly starting to favor China over India, Bloomberg has reported, reversing a year-long trend.
BlackRock has upgraded Chinese stocks and said “the time to position in China is now,” reducing its exposure to Indian equities.
Goldman Sachs Group and Nomura Holdings both raised offshore Chinese stocks, downgrading Indian stocks.
The Chinese MSCI index is trading 13 times lower than its one-year forward earnings estimates; however, India has a multiple of 22, laying the gap at two standard deviations more than over the past decade.
“There is more opportunity to allocate to China as the performance disparity between the two countries is one of the largest on record,” said Tom Masi, a New York-based portfolio manager with GW&K Investment Management LLC, who recently reduced his India positions, Bloomberg reported.
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